Waterbeach leasehold conveyancing: Q and A’s
Planning to sign contracts shortly on a basement flat in Waterbeach. Conveyancing lawyers assured me that they will have a report out to me next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Waterbeach should include some of the following:
- You should receive a copy of the lease
Back In 2000, I bought a leasehold house in Waterbeach. Conveyancing and Leeds Building Society mortgage organised. I have received a letter from someone claiming to own the freehold. It included a ground rent demand for rent dating back to 1994. The conveyancing practitioner in Waterbeach who previously acted has now retired.Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is indeed the new freeholder. There is no need to instruct a Waterbeach conveyancing practitioner to do this as it can be done on-line for less than a fiver. Rest assured that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am attracted to a couple of maisonettes in Waterbeach both have about forty five years remaining on the lease term. Will this present a problem?
A lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more expensive to extend the lease. For this reason it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage lenders may be unwilling to lend money on such properties. Lease extension can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this field
Last month I purchased a leasehold house in Waterbeach. Am I liable to pay service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Do you have any advice for leasehold conveyancing in Waterbeach with the purpose of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Waterbeach can be avoided if you appoint lawyers the minute you market your property and ask them to put together the leasehold information needed by the buyers solicitors.
- The majority landlords or Management Companies in Waterbeach charge for providing management packs for a leasehold premises. You or your lawyers should find out the actual amount of the charges. The management information sought as soon as you have a buyer, thus reducing delays. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Waterbeach.
I acquired a split level flat in Waterbeach, conveyancing was carried out in 1996. How much will my lease extension cost? Comparable properties in Waterbeach with an extended lease are worth £246,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease expires on 21st October 2092
With only 72 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.